News COVID-19

Relief Bill Clarifies, Extends PPP

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Dec. 21, 2020—A new coronavirus relief bill passed by Congress extends the Payment Protection Program and clarifies how business owners can deduct expenses related to those funds.

Members of Congress reached a deal on a $900 billion economic relief package on Dec. 20, reports the Associated Press. Part of the package is a $284 billion extension of the PPP. This round of loans offers forgiveness to companies with fewer than 500 employees, reports Bloomberg.

The bill also clarified tax write-offs for PPP-related expenses. Business owners can deduct expenses paid with forgiven PPP loans, legislators determined.

The relief package also included a boost of unemployment insurance and direct payments to taxpayers.

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